- The Magnis share gained 36% today.
- Magnis revealed an underway commercial production of its Yew York lithium-ion battery plant.
- Magnis shares surged over 65% in one month.
The Magnis Energy Technologies company saw its stock price surging today following lithium battery manufacturing news. The ASX lithium firm’s shares have gained 35.6% to trade at 49.5cts. Contrarily, the ASX/S&P 200 materials stock lost 0.54% during this publication. Let us analyze today’s report for Magnis Energy.
Lithium News
Magnis declared commercial production commenced at New York’s lithium-ion plant (iM3NY). Magnis and Charger CCCV LLC, a joint venture partner, are the leading stakeholders in IM3NY, the New York-based independent battery company.
The plan involves producing thousands of lithium-ion cells over the coming month for quality checks. Moreover, it expects yearly production levels to hike to 1GWh by 2023 end. That will mean 15,000 batteries per day after the plant’s capacity hits 1.8GWh. The plant’s floor is approximately 22K square meters – equal to the size of three football fields.
Management Commentary
Frank Poullas, Magnis’ chair, reacted to the news, stating that today meant a momentous event for Magnis, its C4V partner, and the overall iM3NY team after years of efforts. He added that he focuses on updating the market to ensure increased revenues and magnified plant capacity to meet the present massive lithium-ion cells, especially in the US.
Chaitanya Sharma, IM3NY’s CEO, added that his company ensured an immense effort to attain the milestone of production & commercial, making IM3NY the only ‘pure home-grown’ battery plant in North America.
Magnis Share Price Outlook
The Magnis shares lost 14% YTD. Nevertheless, the stock has gained over 65% within the previous month. According to the current stock price, Magnis’ market cap is about $475 million. The shares seem to flourish in recent times.
Also, the latest numbers suggest cooling financial markets. For instance, individuals appear to forget about the recession as the global economy revives from the lows. That might have also supported Magnis’s upside.
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